Mr. Keith Henderson reports

VELOCITY CLOSES $1.49 MILLION NON-BROKERED PRIVATE PLACEMENT

Velocity Minerals Ltd. has closed its previously announced non-brokered private placement by the issuance of 14,886,525 units of the company priced at 10 cents per unit for total gross proceeds of $1,488,652.50. Each unit consists of one common share in the capital of the company and one-half common share purchase warrant, with each warrant entitling the holder thereof to purchase one share at a price of 18 cents for a period of 24 months.

The proceeds of the financing are intended to finance continuing work at the company's gold and copper exploration projects and for general working capital.

In connection with the financing, the company paid finders' fees consisting of $87,920 in cash and issued 879,200 non-transferable finders' warrants to Leede Jones Gable Inc. Each finder's warrant entitles the holder thereof to purchase one share at a price of 10 cents for a period of 12 months.

All securities issued in connection with the financing are subject to a hold period ending on April 20, 2023. The financing is subject to final approval of the TSX Venture Exchange.

An insider of the company subscribed for 2,256,597 units. Such participation is considered to be a related party transaction, as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the financing by the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

About Velocity Minerals Ltd.

Velocity is a precious metals and copper explorer focused in Eastern Europe. In Bulgaria, Velocity has a 70-per-cent interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit. Velocity also has a 70-per-cent interest in the Momchil property (which includes the Obichnik project), a 70-per-cent interest in the Nadezhda property (which includes the Makedontsi project) and a 70-per-cent interest in the Dangovo property (which is contiguous with the Makedontsi project). The company holds a 100-per-cent interest in the Iglika copper-gold exploration property and recently entered into an option agreement with Dundee Precious Metals, which has an option to earn a 75-per-cent interest in the property. The company has also entered into agreements to acquire 75-per-cent interests in the Zlatusha and Kalabak copper-gold exploration properties.

We seek Safe Harbor.